Xpressbees Revenue, Valuation, Funding & Investors
Xpressbees is valued at $1.4B as of November 2023, a 5.2x multiple on its last reported $271M revenue.
Last Xpressbees valuation
$1.4B
Series G · Nov 2023
Last Xpressbees funding round
$80M
Series G · Nov 2023
Xpressbees revenue
$271M
Series G · Nov 2023
Key investors in Xpressbees
New Enterprise Associates
Norwest
Vertex Ventures
Chiratae Ventures
Elevation Capital
Alibaba Group
About Xpressbees
Xpressbees is a Pune-headquartered e-commerce logistics provider operating across 27,000 pincodes in India. It delivers end-to-end solutions encompassing first-mile pickup, last-mile delivery, reverse logistics, cash-on-delivery collection, cross-border shipping to 100+ countries, and warehousing in 30 fulfillment centers. Founded in 2015, Xpressbees processes 2 million parcels daily for platforms like Flipkart and Amazon.
Founded
2015
HQ
PuneWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Services, Subscription
Revenue
$271M (Nov 2023)
Valuation
$1.4B (Nov 2023)
Xpressbees Valuation
Xpressbees is currently valued at $1.4B, based on its Series G in November 2023.
The $80M round was led by Teachers’ Venture Growth.
Xpressbees' valuation has grown 4.0x from $350M at its Series E in November 2020 to $1.4B in November 2023, across 4 priced rounds.
Xpressbees valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2023 | Series G | $1.4B | 5.2x |
| Apr 2023 | Secondary | $1.3B | 6.4x |
| Feb 2022 | Series F | $1.2B | - |
| Nov 2020 | Series E | $350M | 3.0x |
Xpressbees Revenue
Xpressbees' latest recorded revenue is $271M, as of its Series G in November 2023. At a $1.4B valuation, that implies a 5.2x revenue multiple.
Revenue grew from $118M in November 2020 to $271M in November 2023, while the revenue multiple moved from 3.0x to 5.2x.
Xpressbees revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2023 | $271M | $1.4B | 5.2x | Series G |
| Apr 2023 | $203M | $1.3B | 6.4x | Secondary |
| Nov 2020 | $118M | $350M | 3.0x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Xpressbees Funding History
Xpressbees has raised a total of $553M across 7 funding rounds, plus 2 secondary share sales.
Xpressbees' first fundraising round was a $5M seed round in September 2015. The most recent completed round was a $80M Series G in November 2023.
Xpressbees funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Series G | Teachers’ Venture Growth (lead) | $80M | $1.4B | Xpressbees is an Indian end-to-end logistics platform, originally the logistics arm of FirstCry and spun off in 2015 as Busybees Logistics Solutions, serving over 60,000 clients including e-commerce firms across more than 2,000 cities and towns, processing over 2.5 million orders daily through an asset-light model with 27 courier partners. It competes with Delhivery, Ecom Express, and Shadowfax in the rapidly growing Indian logistics sector driven by e-commerce. In November 2023, it raised $80 million in a late-stage round led by Teachers’ Venture Growth (TVG), the venture arm of Ontario Teachers’ Pension Plan, marking TVG's first India investment; the round included primary capital and a smaller secondary component with ESOP buyback, bringing total funding to around $552-680 million from investors like Blackstone Growth, TPG Growth, ChrysCapital, Khazanah, Alibaba, and others. The $80 million infusion valued Xpressbees at $1.4 billion post-money, unchanged from its prior April round, positioning it as a unicorn preparing for a potential IPO within one to two years. Funds are earmarked for platform growth, expanding service offerings amid technological disruption in logistics, selective inorganic acquisitions like the recent all-cash purchase of Trackon, and supporting ambitions in supply chain solutions for diverse industries. This round is likely its last private funding before going public. For FY23 (year ending March 2023), Xpressbees achieved 33% YoY revenue growth to Rs 2,531.5 crore, though losses widened over sixfold to Rs 180 crore, reflecting investments in scaling operations amid a surge in online shopping. TechCrunch approximated revenue at $300 million for the same period. The company maintains strong execution with a scalable model, leveraging technology for efficiency in India's high-growth end-market. |
| Apr 2023 | Secondary | Khazanah Nasional (lead) | $40M | $1.3B | Xpressbees is an e-commerce-focused logistics firm providing end-to-end supply chain solutions across 5,000 cities and over 20,000 pin codes in India, with over 100 hubs, more than 3 million sq. ft. of warehouse capacity, and operations across 52 airports. The company handles around 1.4-1.5 million shipments daily and partners with platforms like Flipkart, Amazon, Meesho, and Tata Cliq, as well as D2C brands. Khazanah Nasional, Malaysia's sovereign wealth fund, acquired approximately 3% stake in Xpressbees for $40 million through a secondary share sale from Elevation Capital in April 2023, at a valuation of $1.3-1.4 billion reflecting a 25-35% premium. Some reports cite a $1.2 billion pre-money valuation or $1.4 billion round valuation. Xpressbees reported operating revenue over Rs 1,900 crore in FY22, with estimated 30-40% top-line growth for FY23, and reduced losses to Rs 27 crore in FY22 from Rs 63 crore in FY21. Previously, Xpressbees raised $300 million in February 2022 from Blackstone Growth, TPG Growth, and ChrysCapital at $1.1-1.3 billion valuation, becoming a unicorn, with other backers including Alibaba, Investcorp, Norwest Venture Partners, and Gaja Capital. |
| Aug 2022 | Secondary | Avendus Wealth Management (lead) | $25M | - | Xpressbees is an e-commerce logistics provider operating an asset-light franchise model with technology deployment across functions, delivering to over 20,000 pin codes in India. In August 2022, Avendus Future Leaders Fund acquired a minority stake from existing investor Elevation Capital in a secondary transaction valued at Rs 195 crore ($24.6 million or approximately $24.82 million), with Elevation retaining a position post-sale. Avendus acted as the lead investor in this deal. This secondary sale followed Xpressbees' Series F funding of $300 million in February 2022 led by Blackstone Growth, TPG Growth, and ChrysCapital, which valued the company at $1.2 billion post-money, achieving unicorn status. The company, spun off from FirstCry in 2015, had raised over $500 million total by early 2022 and continued with later transactions including a $40 million secondary to Khazanah in April 2023 and a Series G of $80 million in November 2023 at $1.4 billion valuation. |
| Feb 2022 | Series F | Blackstone (lead); ChrysCapital (lead); TPG (lead); Investcorp Capital; Norwest | $300M | $1.2B | Xpressbees, a Pune-based third-party logistics provider specializing in e-commerce logistics with technology platforms, extensive network reach, and last-mile management, raised $300 million in a Series F funding round on February 9, 2022, led by Blackstone Growth, TPG Growth, and ChrysCapital, with participation from existing investors Investcorp and Norwest Venture Partners. The round valued the company at a post-money valuation of $1.2 billion, entering unicorn status, and included $100 million primary capital and $200 million secondary share sale, with exits by CDH Investments fully and partial by Elevation Capital and Alibaba. Total funds raised exceeded $500 million, following prior investments like $110 million in 2020 by Investcorp, Norwest, and Gaja Capital for 31% stake, and $35 million from Alibaba in 2017. The capital aims to support evolution into a full-service logistics organization, technological advancement, automation, geographical expansion, inorganic growth opportunities, product development, and hiring. Xpressbees reported near 100% year-on-year revenue growth around the round, with historical figures like 95% growth in FY19 and targeted 75% in FY22, operating over 100 hubs and 52 airports across India. Blackstone highlighted Xpressbees' role in India's early-stage booming e-commerce sector, leveraging their logistics and e-commerce expertise. Leadership, including CEO Amitava Saha, emphasized partnerships with new investors' networks and operational expertise to pursue opportunities and expand footprint. Investors like ChrysCapital noted Xpressbees transforming India's logistics via tech-powered delivery networks, aligning with e-commerce focus. This marked Blackstone Growth's first Asia investment from its $4.5 billion global growth fund, taking minority positions in growth companies across sectors like SaaS, fintech, and edtech. |
| Nov 2020 | Series E | Gaja Capital (lead); Investcorp Capital (lead); Norwest (lead) | $110M | $350M | Xpressbees is a Pune-based Indian logistics startup spun out from Firstcry in 2015, providing first- and last-mile delivery, reverse logistics, and allied services like B2B cargo, warehouse management, and cross-border logistics to over 1,000 customers including Paytm, Meesho, Lenskart, Xiaomi, NetMeds, and Snapdeal. It operates across more than 2,000 cities and towns, processing 2-2.5 million orders daily by late 2020, up significantly from prior years amid e-commerce growth during the Covid-19 pandemic. In November 2020, it raised $110 million in a Series E funding round led by Gaja Capital, Investcorp, and Norwest Venture Partners, valuing the company at over $350 million (or close to $400 million per some reports), with $30 million used for secondary buyouts providing exits to investors like Paytm (3-4x returns), Vertex Ventures, and NEA. The fresh capital was earmarked for automating hubs and sorting centers, investing in technology, and expanding delivery footprint from 12,000 to over 20,000 pin codes ahead of the 2020 sale season. Xpressbees had previously raised funds including from Alibaba in 2017 and 2019-2020, bringing total funding to $175.8 million at that point. It competes in India's $200 billion logistics market against players like Delhivery and Ecom Express, positioning as a technology-led provider for e-commerce, pharma, FMCG, and other sectors. Financially, Xpressbees expected Rs 1,100-1,200 crore in revenue for FY21 (ending March 2021) with EBITDA profitability, targeting Rs 2,000 crore topline by FY22. In FY20, it delivered over 100 million parcels. The round occurred as e-commerce delivery demand surged, highlighting the company's capital efficiency and customer traction with top players. |
| Jan 2020 | Series D | Alibaba Group (lead) | $10M | - | Xpressbees, a Pune-based e-commerce logistics provider, received a $10 million investment from Alibaba Group in January 2020 as an extension of its Series D funding round. The investment valued Alibaba's shareholding at $1,073.30 per share. This capital infusion followed Alibaba's initial $35 million Series D investment in December 2017 and was intended to support the company's growth and expansion initiatives. At the time, Xpressbees competed in India's rapidly growing last-mile delivery sector alongside companies like Delhivery and Ecom Express, serving over 20,000 pin codes and delivering approximately 1.5 million packages daily. The company later raised significantly larger rounds, achieving unicorn status ($1.1 billion valuation) in February 2022 with its Series F funding round led by Blackstone, TPG, and ChrysCapital. |
| Jan 2018 | Series D | Alibaba Group (lead) | $35M | - | XpressBees is a Pune-based logistics company founded in 2015 by Amitava Saha and Supam Maheshwari, providing services including last-mile delivery, reverse logistics, payment collection, warehousing, drop shipping, vendor management, cross-border services, fulfillment, and tailored software solutions. It serves e-commerce clients such as Bira, Snapdeal, Myntra, and Bajaj, competing with players like Ecom Express, Delhivery, and Shadowfax. Following the 2018 round, XpressBees continued raising capital, including $10M from Alibaba in a Series D extension in January 2020 for growth and expansion, venture debt from InnoVen Capital in 2019, and a $110M Series E round in 2020-2021 from Investcorp, Norwest Venture Partners, and Gaja Capital at a valuation close to $400M, used for automation, technology, and nationwide expansion. Alibaba has been the most active investor, committing over Rs 1,000 crore ($134M) across multiple rounds. The company reported handling 600K shipments daily with over 10 lakh warehouse capacity and 20K field executives around 2020. Later developments include a Series G round in November 2023 raising $80M led by Teachers’ Venture Growth at a $1.4B valuation to drive growth and prepare for IPO. Total funding raised exceeds $552M across multiple rounds, primarily from Alibaba, Chiratae Ventures, InnoVen Capital, and others. |
| Feb 2016 | Series A | Vertex Ventures; Elevation Capital; Vertex Ventures Southeast Asia & India; MegaDelta Capital; New Enterprise Associates; Valiant Capital Partners; IDG Ventures; Chiratae Ventures | $12M | - | Xpressbees raised $12.4 million in its Series A round in February 2016 from investors including IDG Ventures India, New Enterprise Associates (NEA), Vertex Ventures, and Valiant Capital Partners. The funding aimed to establish a strong foundation and scale initial operations. Xpressbees, spun out of FirstCry in 2015, operates as an e-commerce-focused logistics provider offering end-to-end supply chain solutions. By 2016, it had raised about $65 million cumulatively from various investors. |
| Sep 2015 | Seed | Vertex Ventures; Elevation Capital; Vertex Ventures Southeast Asia & India; New Enterprise Associates; Valiant Capital Partners; Chiratae Ventures | $5M | - | - |
Who has invested in Xpressbees?
18 investors have backed Xpressbees across its funding rounds, including New Enterprise Associates, Norwest, Vertex Ventures, Chiratae Ventures, Elevation Capital and Alibaba Group.
Lead investors include Teachers’ Venture Growth, Khazanah Nasional, Avendus Wealth Management, Blackstone, ChrysCapital and 5 other investors.
Xpressbees Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Singapore | 2 | Participant | Sep 2015 | |
| Gurgaon | 2 | Participant | Sep 2015 | |
 Manama | 2 | Lead | Nov 2020 | |
| Singapore | 2 | Participant | Sep 2015 | |
 San Francisco, CA | 2 | Participant | Sep 2015 | |
| San Francisco, CA | 2 | Participant | Sep 2015 | |
| San Francisco, CA | 2 | Lead | Nov 2020 | |
 Hangzhou | 2 | Lead | Jan 2018 | |
| Bangalore | 2 | Participant | Sep 2015 | |
| Mumbai | 1 | Participant | Feb 2016 | |
| New York City, NY | 1 | Lead | Feb 2022 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} IDG Ventures | San Francisco, CA | 1 | Participant | Feb 2016 |
 Toronto | 1 | Lead | Nov 2023 | |
This data is available for Pro users. Sign up to see all 18 Xpressbees investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Xpressbees
Xpressbees has acquired 1 company to date.
Last acquisition by Xpressbees was on August 14th 2023. Xpressbees acquired Trackon for undisclosed valuation.
Latest Acquisitions by Xpressbees
| Description | Trackon is a Mumbai-based courier service specializing in urgent deliveries for medical supplies and legal documents across India. The company operates a network of 500 riders in major cities, offering same-day pickup and tracking via a mobile app with live ETAs. Trackon handles high-priority shipments for hospitals like Apollo and law firms during emergencies. |
| HQ Country | |
| HQ City | New Delhi |
| Deal Date | 14 Aug 2023 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Xpressbees acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Xpressbees
Xpressbees has invested in 1 company to date.
Latest investment by Xpressbees was on September 19th 2023. Xpressbees invested in nimbuspost in their $3M Strategic investment round.
Latest Investments by Xpressbees
| Description | NimbusPost is a shipping aggregator for eCommerce providing worldwide logistics through partnerships with over 27 couriers including DTDC, Blue Dart, Delhivery, and Ekart. Delhi/NCR-headquartered and founded in 2018, it leverages AI and machine learning for rate comparison, automation, and tracking across small parcels to bulk cargo. The platform recently entered Indonesia and offers global services for merchants, handling millions of transactions daily with a team of over 500 specialists. |
| HQ Country | |
| HQ City | Gurgaon |
| Deal Date | 19 Sep 2023 |
| Round | Strategic investment |
| Raised | $3M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Xpressbees investments and their VC round multiples. Start Free Trial | |
Xpressbees Competitors
Xpressbees competitors include listed companies like Transfar Zhilian Co and Delhivery, and private ones like Saic Anji Logistics Co., Ltd, Flock Freight, Loadsmart and EasyPost.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| China | Private | - | - | $1.4B | - | |
| United States | Private | - | - | $1.3B | - | |
| Chicago, IL | Private | - | - | $1.3B | - | |
| Salt Lake City, UT | Private | - | - | $1.5B | - | |
| China | Publicly listed | $3.7B | $258M | $1.9B | 1.3x | |
| India | Publicly listed | $1.1B | $80M | $3.4B | 2.7x |
Xpressbees Public Comps
Xpressbees is still privately-owned, but its public comps include Shanghai Foreign Services, Irish Continental Group, Fukuyama Transporting, KLN Logistics Group, SBS Holdings, Wuxi Boton Technology, Freightways Group, Shadowfax, Blue Dart Express and Dazhong Transportation.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.6B | $149M | 0.1x | 0.1x | 1.9x | 2.0x | |||
| $768M | $173M | 2.1x | 2.1x | 9.3x | 9.3x | |||
| $2B | $276M | 1.0x | 0.9x | 7.1x | 9.1x | |||
| $7.2B | $561M | 0.3x | - | 4.2x | - | |||
| $3.2B | $226M | 0.6x | 0.5x | 8.5x | 7.2x | |||
| $516M | $55M | 2.4x | - | 22.6x | - | |||
| $841M | $160M | 2.0x | 1.9x | 10.3x | 9.9x | |||
| $438M | $24M | 3.3x | 2.8x | 60.0x | 49.2x | |||
This data is available for Pro users. Sign up to see all Xpressbees competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Xpressbees
| When was Xpressbees founded? | Xpressbees was founded in 2015. |
| Where is Xpressbees headquartered? | Xpressbees is headquartered in Pune, India. |
| Is Xpressbees publicly listed? | No, Xpressbees is a private, VC-backed company. |
| What is Xpressbees' valuation? | Xpressbees was last valued at $1.4B in its Series G in November 2023. |
| How much funding has Xpressbees raised? | Xpressbees has raised $553M across 7 funding rounds. |
| What was Xpressbees' last funding round? | Xpressbees' last funding round was a $80M Series G in November 2023, led by Teachers’ Venture Growth. |
| Who are Xpressbees' investors? | Xpressbees' investors include Vertex Ventures, Elevation Capital, Investcorp Capital, Vertex Ventures Southeast Asia & India, New Enterprise Associates, Valiant Capital Partners, Norwest, Alibaba Group, Chiratae Ventures, MegaDelta Capital and 8 others. |
| What is Xpressbees' revenue? | Xpressbees' latest recorded revenue is $271M (November 2023). |
| What is Xpressbees' revenue multiple? | Xpressbees' latest valuation implies a 5.2x revenue multiple ($1.4B valuation on $271M of revenue). |
| Which companies are comparable to Xpressbees? | Companies comparable to Xpressbees include Saic Anji Logistics Co., Ltd, Flock Freight, Loadsmart, EasyPost, Transfar Zhilian Co and Delhivery. |
| How many companies has Xpressbees acquired? | Xpressbees has acquired 1 company, including Trackon. |
| How many companies has Xpressbees invested in? | Xpressbees has invested in 1 company, including nimbuspost. |
| What was Xpressbees' last investment? | In September 2023, Xpressbees invested in nimbuspost's $3M strategic investment round. |
See companies similar to Xpressbees
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.